[Wall Street Pit] One of Paul Krugman’s constant themes has been that “austerity” is the wrong prescription to deal with a shrinking economy. If the economy is going south, he claims, then governments must spend and spend prodigiously in order to prop up everything. (Krugman adds that this should be the case when the economy is in a “liquidity trap,” which he believes changes the rules of economics.) At one level, I understand his point. The “austerity” programs often mean increased taxes and other government activities that can drag down an economic recovery (although Krugman has been insistent that we need massive tax increases in the USA, so I don’t know why he would be against that aspect of “austerity”)...More Other Articles:
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